A presentation of a report on Perspectives of economic development and Asian region, developed by the leading specialists of Honk-Gong was held at the headquarters of the Asian Development Bank (ADB), Trend reports. Philip Chang, a senior county economist at the Asian Bank, said that the report summarizes an estimation of activities of 43 developing member-countries of the ADB in 2005 and perspectives of development in the subsequent two years (2006-2007).
In compliance with the report, the growth of the GDP will continue in the Central-Asian region in 2006 and it is forecasted at 10.3% this year and 9.8% - in 2007. Last year the growth pace of the GDP in the region was 10.9%, which is a result of the economic rise in China, Pakistan, India and Vietnam. In general, a rise of special weight in the total was 37% in China.
This year will see 7.9%-rise in inflation, while high oil prices will provide to achieve a high balance in black. The foreign currency reserves grew from $1.6trln in 2004 to $1.9trln in 2005.
According to Chang, unforeseen high growth pace of the GDP was observed in Azerbaijan 2005 (26.4%) and it will continue in 2006, comprising 30.5%, and it is expected to maintain the same rate in 2007. Major principles are the increase of the projects under implementation at the expense of big funds, respectively rise of export and production of oil and gas. This year the budget expenses will increase considerably and the government must pursue careful policy in their use to prevent rise in inflation. The most important is to keep under control the inflation, not allow excess consolidation of manats and to carry out diversification of the economic base.